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Grant Programs

Spencer Quality Housing Initiative Grant: Farmers Bank is a participating lender for grants up to $12,500 for new construction of new mid-range personal residences in Spencer. Learn More. Application (PDF)

Home$tart® Grant: Receive up to $7,500 in grant funds for the down payment and/or closing costs for the purchase of your home. The Home$tart program is available to qualifying home buyers earning up to 80% of area median income. For more information, contact us. 

Iowa Finance Authority Plus Grant: Offers qualified home buyers affordable mortgage financing with $2,500 in entry cost assistance. The grant must be used in conjunction with an Iowa Finance Authority single-family mortgage program.  For more information, contact us.

Mortgage Options

First-Time Home Buyers: Farmers Bank is Preferred FirstHome and FirstHome Plus lender, providing special financing options to first-time home buyers. For more information, contact a Farmers Bank real estate specialist or go to

Fixed Rate Mortgages: Interest rate and monthly payments stay the same for the life of the loan. A good choice if you plan to stay in your home for more than 5 years.

Adjustable Rate Mortgages: Initial interest rate is generally lower than fixed rate offering. Interest rate is adjusted up or down (based on market conditions) on a regular basis so monthly payment would also adjust up or down over time.

Government Loans: For information and current interest rates on Federal Housing Administration (FHA), Veteran Affairs (VA), or Guaranteed Rural Housing loans, call, come in, or send us a secure message

Home Equity Line of Credit: Using the equity in your home may be a good way to finance home improvements, consolidate debt or make a consumer purchase. Once your application is approved and your line of credit is determined, you can access your account by simply giving us a call. 

To learn more or apply, stop by or call (712) 262-3340 and Rita Hoffman or Ryan Davelaar, will be happy to assist you. You can also send us a secure message (click here to see how).